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The Student Loan Scam

The Most Oppressive Debt In U.S. History, And How We Can Fight Back

By Alan Collinge, 1970-

Alan Collinge never imagined he would become a student loan justice activist. He planned to land a solid job after college, repay his student loan debt, and then simply forget the loans ever existed. Like millions of Americans, however, in spite of working hard, Collinge fell behind on payments and entered a labyrinthine student loan nightmare.

High school graduates can no longer put themselves through college for a few thousand dollars in loan debt. Today, the average undergraduate borrower leaves school with more than $20,000 in student loans, and for graduate students the average is a whopping $42,000. For the past twenty years, college tuition has increased at more than double the rate of inflation, with the cost largely shifting to student debt.

The Student Loan Scam is an exposé of the predatory nature of the $85-billion student loan industry. In this in-depth exploration, Collinge argues that student loans have become the most profitable, uncompetitive, and oppressive type of debt in American history. This has occurred in large part due to federal legislation passed since the mid-1990s that removed standard consumer protections from student loans-and allowed for massive penalties and draconian wealth-extraction mechanisms to collect this inflated debt.

Collinge covers the history of student loans, the rise of Sallie Mae, and how universities have profited at the expense of students. The book includes candid and compelling stories from people across the country about how both nonprofit and for-profit student loan companies, aided by poor legislation, have shattered their lives-and livelihoods. With nearly 5 million defaulted loans, this crisis is growing to epic proportions.

The Student Loan Scam takes an unflinching look at this unprecedented and pressing problem, while exposing the powerful organizations and individuals who caused it to happen. Ultimately, Collinge argues for the return of standard consumer protections for student loans, among other pragmatic solutions, in this clarion call for social action.

Format

Book

Availability

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ISBN

9780807042298


Format: Book
Author: Collinge, Alan, 1970-
Title: The student loan scam : the most oppressive debt in U.S. history, and how we can fight back / Alan Collinge.
Publisher Date: Boston : Beacon Press, c2009.
Subject: Student loans -- Corrupt practices -- United States. College graduates -- United States -- Finance, Personal. Debt -- United States
Isbn: 9780807042298 (hardcover : alk. paper) 0807042293 (hardcover : alk. paper)
Current Holds: 0
System Items Available: 5
System Items Total: 5
Call Number: 378.3620973 Col
Oclc: 213765783
Upc:
Bib Id: 308838

Format: Book
Author: Collinge, Alan, 1970-
Title: The student loan scam : the most oppressive debt in U.S. history, and how we can fight back / Alan Collinge.
Publisher, Date: Boston : Beacon Press, c2009.
Description: xv, 167 p. ; 23 cm.
Subjects: Student loans -- Corrupt practices -- United States.
Subjects: College graduates -- United States -- Finance, Personal.
Subjects: Debt -- United States
Notes: Includes bibliographical references (p. 155-162) and index.
Contents: The rise of Sallie Mae and the fall of consumer protections -- Who benefited -- Collection abuses -- The borrowers -- The oversight fiasco -- The corruption of the universities -- The grassroots awaken -- Solutions -- Practical advice for borrowers.
LCCN: 2008012230
ISBN: 9780807042298 (hardcover : alk. paper)
ISBN: 0807042293 (hardcover : alk. paper)
Requests: 0
Available Copies: 5
Total Copies: 5
Call Number: 378.3620973 Col